"Eine Entschuldigung ist gut."
Actually the closest translation for "eine Entschuldigung ist gut" would be "Saying sorry is a good thing"; here are a few more examples for "Entschuldigung": if you run into someone you say "Entschuldigung" ie. "sorry" (provided you are a polite person); but if you are always late and say "Entschuldigung" (sorry), someone might tell you: "du hast immer die gleiche Entschuldigung" (you always have the same excuse);
one advantage is that if while you use excuse/sorry/apology in English, you get by with "Entschuldigung" in German. :-)
No, it doesn't, but a phrase like this is used in a different context ("you will be sorry for that" translates into "das wird dir noch Leid tun" and you can hear it after you did something that really hurt other people and you can expect some kind of revenge; so, don't walk away, run!)
What does this practically mean in English? I was thinking "the excuse is good" as in they made a good excuse for something, but obviously I was incorrect (not just in the sense that I used the wrong article). What would this phrase be expressing. It is good to make an excuse/apology? or is excuse only use in the sense of "excuse me" rather than its other English meaning?
Break it up:
schuld -- guilt - ig -- suffix which seems to make a noun into an adjective
- schuldig -- guilty
ent -- extremely common German prefix which often forms a verb, and seems to mean un- or de- here
- entschuldig -- root of the verb entschuldigen, to excuse (or make un-guilty?)
ung -- a German suffix which turns a verb into a usually-feminine noun
- die Entschuldigung -- the excuse!
The trick is figuring out what the root word is. And be aware that once a word has gone through so many additions and a lot of use, all the wear and tear often shifts it away from what you might expect it to mean.